Accounting-Audit New Opportunities Amid COVID-19 Crisis
By Seres Baum, WGI – Work Group International
The COVID-19 pandemic has transformed the ways and behaviours of people all around the world. The social distancing measures that were implemented to prevent the contagion of the disease, or to modify the timeline of the contagion curve, enhanced some trends that did not seem so obvious.
Some of these tendencies have had major impacts on business models and job opportunities offered by professionals of basically all economic segments, including consulting and auditing. The organisational plans being put in place to contain and to reply to the outbreak are expected to be in place for a certain period. Consulting and assurance providers should be prepared to adjust to this period in a sustainable way.
Standards of execution of work, previously carried out or validated in person, began to be changed to be satisfied remotely. Notwithstanding, the wholeness commitment regarding the initially planned quantity and/or quality, associated to the deliverables, began to be accepted according to the argument-variable “what is possible?”. As organisations adjust to dealing with the preliminary impact of COVID-19, consulting and auditing functions have an important role to play to continue providing critical advice and assurance, helping management and the boards on the unstable risks and controls landscape.
Along with the commitment to keep assisting clients, there are some new opportunities arising from the “new normal”. These prospects include:
- Advising about and monitoring new controls avoiding frauds risks and management overrides;
- Understanding the client’s need of capital and helping them access government credit/incentive assistance;
- Compliance of outsourced service providers (remote work) specially related to intangible assets such as know-how and industrial secrets;
- Tracking third-party remote access avoiding threat and cyberattack in the client’s structure;
- Covers and validity of existing insurance covers for the “new model” of business.
As COVID-19 continues, new business opportunities are showing up for those professionals who adapt to survive when sailing in troubled waters.
Seres BaumGGI member firm
WGI – Work Group International
Advisory, Auditing & Accounting, Tax
Sao Paulo, SP, Brazil
T: +55 11 4062 1515
WGI is a one-stop-shop firm for international business and investment in Brazil. During the last 15 years, WGI has assisted clients from 25 different countries in activities from the setup of new companies to premium services such as business valuation (PPA) and acquisition advisory services.
Seres Baum is an independent Auditor accredited by the Exchange Commission, Central Bank, and Private Insurance, and a Consultant in the tax, corporate, and external investment areas. Ser
Published: Auditing, Reporting & Compliance Newsletter, No. 04, Autumn 2020 l Photo: Igor - stock.adobe.com